SapuraKencana up 3% after SC reinstates Shariah-compliant status

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KUALA LUMPUR (May 29): SapuraKencana Petroleum Bhd rose as much as eight sen or 3% after the Securities Commission (SC) reinstated the company's Shariah-compliant status.

SapuraKencana (fundamental: 1.3; valuation: 1.4) made it to the list again after the oil and gas support services provider was excluded from the Malaysian regulator's list in November last year.

Today, SapuraKencana rose to its highest so far today at RM2.69. At 10.19am, SapuraKencana pared gains at RM2.66, with some four million shares changing hands.

Yesterday, the SC said in a statement that its updated list had 674 Shariah-compliant companies. These counters made up 75% of the 903 firms listed on Bursa Malaysia.  

The updated list is effective today, according to the SC.

The SC said the list included 19 newly-classified Shariah-compliant entities and excluded 13 from the previous list issued in November 2014.

SapuraKencana is not alone as the SC has also reinstated several other companies into the Islamic-compliant list.

According to Public Investment Bank Bhd's note today, these companies include Acoustech Bhd (fundamental: 2.25; valuation: 0.3), Chemical Co of Malaysia Bhd (fundamental: 0.35; valuation: 1.2) and IFCA MSC Bhd (fundamental: 3 ; valuation: 0.8).

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)